Latest news with #Goulding
NDTV
03-07-2025
- Business
- NDTV
Canned-Food Producer Del Monte Foods Files for Bankruptcy
Canned fruit company Del Monte Foods filed for bankruptcy, less than a year after executing a controversial debt restructuring. The company entered into a lender-backed restructuring support agreement that calls for the food producer to sell its assets in bankruptcy court. Del Monte has lined up financing to fund its Chapter 11 case, giving the firm $165 million in fresh cash in exchange for added protection for hundreds of millions of dollars in existing debt. A judge approved the loan in a court hearing late Wednesday afternoon. The company sought court protection in New Jersey, saying it is carrying roughly $1.245 billion in secured debt. Del Monte blamed its Chapter 11 filing on multiple factors, including a costly buildup of excess inventory resulting from elevated demand during the Covid-19 pandemic and significant debt that's become more expensive as a result of rising interest rates. The bankruptcy filing is the latest turn in a challenging year for the borrower that saw its parent company Del Monte Pacific Ltd. in June elect to skip a payment to the unit's lenders as part of a lawsuit settlement tied to its restructuring last year. Del Monte in a Tuesday court filing said it has carried substantial debt since it was acquired by DMPL from a group of funds led by KKR. The acquisition by DMPL, which is publicly listed on the Singapore Stock Exchange, was funded by debt that was put on Del Monte's balance sheet, the company's Chief Restructuring Officer Jonathan Goulding said in the court filing. The firm's cash interest expense increased from $66 million in 2020 to $125 million in the 2025 fiscal year, Goulding said. The interest expense "materially exceeds" Del Monte's current projected earnings before interest, taxes, depreciation and amortization and constrained its liquidity, he said. Del Monte Foods in its statement said the restructuring support agreement contemplates the company undertaking a going-concern sale process for all or substantially all of its assets. Financing along with cash from ongoing operations is expected to provide sufficient liquidity during the sale process and fund ongoing operations, as it intends to keep serving customers, according to the statement. The company executed a debt overhaul last year, which became the subject of a lawsuit by left-behind lenders, who said Del Monte Foods defaulted on a $725 million financing agreement when it shifted the assets away from the reach of lenders. The strategy - known in industry parlance as a drop-down transaction - allowed Del Monte Foods to raise fresh liquidity by borrowing against the transferred assets. The deal also prioritized participating lenders via debt swaps and created different payment priorities, Bloomberg reported.
New York Post
03-07-2025
- Entertainment
- New York Post
Jeff Bezos and Lauren Sánchez shared unexpected wedding singer with Kate Middleton and Prince William at $50M nuptials
Lauren Sánchez Bezos and Jeff Bezos' lavish three-day wedding celebration shared a surprising connection to the royal nuptials of Prince William and Kate Middleton. On June 27, Ellie Goulding sang at the billionaire and the former entertainment reporter's wedding reception on the island of San Giorgio Maggiore in Venice, Italy, according to People magazine. The British singer previously gave a performance at William and Kate's second wedding reception after they tied the knot April 29, 2011, in London. The Prince and Princess of Wales shared their first dance while Goulding sang her cover of Elton John's 1971 hit 'Your Song.' Goulding also performed 'Your Song' at Bezos and Sánchez's star-studded bash Friday. Famed opera singer Andrea Bocelli's son, Matteo Bocelli, sang a cover of Elvis Presley's 'Can't Help Falling in Love' as the newlyweds' first dance song. William and Kate's first wedding reception was a lunchtime affair thrown by the late Queen Elizabeth II while King Charles hosted the pair's second, more intimate wedding reception in the Throne Room at Buckingham Palace. 4 Ellie Goulding sang 'Your Song' at the star-studded wedding reception for Lauren Sánchez Bezos and Jeff Bezos. GC Images Elton John, a close friend of William's mother, the late Princess Diana, attended the second reception with David and Victoria Beckham. While Goulding has yet to speak publicly about her performance during the Bezos-Sánchez wedding festivities, she previously opened up about singing for William and Kate. During a 2012 interview with the Daily Mail, Goulding recalled meeting William before the royal nuptials and learned that they were fans of her music. 4 Amazon Founder Jeff Bezos and journalist Lauren Sanchez Bezos got married in Venice, Italy, on June 27, 2025. @laurensanchezbezos via REUTERS However, the two-time Grammy nominee shared she was shocked when she received an offer to perform for the couple on their wedding day. 'I knew they liked my songs, but I didn't walk away from meeting William thinking it might lead to a gig at Buckingham Palace,' she recalled. 'Then I got a phone call suggesting there might be something in the offing, but I didn't tell anyone for a long time,' Goulding continued. 4 The Prince and Princess of Wales shared their first dance while Goulding performed 'Your Song' in 2011. REUTERS 'I wasn't told to stay quiet, but I thought it best to keep things under my hat,' she added. 'I knew there would be massive interest in the wedding, so I wanted to keep something private. In the end, somebody leaked it, but I'm glad we managed to keep it under wraps for a while.' Goulding admitted she was nervous ahead of her high-profile gig as William and Kate's wedding singer. 'Performing the first dance of the night, 'Your Song' was nerve-wracking,' she recalled. 'But William and Kate were very appreciative. They are an awesome couple and told me how much they enjoyed it. My band and I stayed at the reception all night, and it's something I'll treasure forever.' 4 Goulding was one of the many celebrity guests who attended Jeff Bezos and Lauren Sanchez's wedding festivities in Italy. James Breeden for NY Post Goulding later serenaded William and Kate again with her 2011 song 'Starry Eyed' and some of her other original tracks. She also performed covers of famous songs, including The Killers' 'Mr. Brightside' and Stevie Wonder's 'Superstition.' In 2022, Goulding reunited with William and Kate when she performed at the prince's Earthshot Prize Awards ceremony. Bezos and Sánchez's reception also featured performances by Usher, who sang his hit 'Yeah,' and sets by DJ Cassidy, DJ Kygo and DJ Mei Kwok, according to People. Numerous celebrities attended the reception, including Orlando Bloom, Tom Brady, Oprah Winfrey, Gayle King, Leonardo DiCaprio, Kim Kardashian, Khloé Kardashian, Kris Jenner, Kylie Jenner, Sydney Sweeney, Ivanka Trump, Jared Kushner, Karlie Kloss, Josh Kushner, Bill Gates and Queen Rania of Jordan.
Malaysian Reserve
02-07-2025
- Business
- Malaysian Reserve
Canned-food producer Del Monte Foods files for bankruptcy
CANNED fruit company Del Monte Foods filed for bankruptcy, less than a year after executing a controversial debt restructuring. The company entered into a lender-backed restructuring support agreement that calls for the food producer to sell its assets in bankruptcy court. Del Monte has lined up financing to fund its Chapter 11 case, giving the firm $165 million in fresh cash in exchange for added protection for hundreds of millions of dollars in existing debt. The company sought court protection in New Jersey, saying its carrying roughly $1.245 billion in secured debt. Del Monte blamed its Chapter 11 filing on multiple factors, including a costly buildup of excess inventory resulting from elevated demand during the Covid-19 pandemic and significant debt that's become more expensive as a result of rising interest rates. The bankruptcy filing is the latest turn in a challenging year for the borrower that saw its parent company Del Monte Pacific Ltd. in June elect to skip a payment to the unit's lenders as part of a lawsuit settlement tied to its restructuring last year. Del Monte in a Tuesday court filing said it has carried substantial debt since it was acquired by DMPL from a group of funds led by KKR. The acquisition by DMPL, which is publicly listed on the Singapore Stock Exchange, was funded by debt that was put on Del Monte's balance sheet, the company's Chief Restructuring Officer Jonathan Goulding said in the court filing. The firm's cash interest expense increased from $66 million in 2020 to $125 million in the 2025 fiscal year, Goulding said. The interest expense 'materially exceeds' Del Monte's current projected earnings before interest, taxes, depreciation and amortization and constrained its liquidity, he said. Del Monte Foods in its statement said the restructuring support agreement contemplates the company undertaking a going-concern sale process for all or substantially all of its assets. Financing along with cash from ongoing operations is expected to provide sufficient liquidity during the sale process and fund ongoing operations, as it intends to keep serving customers, according to the statement. The company executed a debt overhaul last year, which became the subject of a lawsuit by left-behind lenders, who said Del Monte Foods defaulted on a $725 million financing agreement when it shifted the assets away from the reach of lenders. The strategy — known in industry parlance as a drop-down transaction — allowed Del Monte Foods to raise fresh liquidity by borrowing against the transferred assets. The deal also prioritized participating lenders via debt swaps and created different payment priorities, Bloomberg reported. –BLOOMBERG
Axios
02-07-2025
- Business
- Axios
Del Monte Foods files for bankruptcy, plans to pursue sale
Del Monte Foods has filed for Chapter 11 bankruptcy protection and announced it is pursuing a sale. Why it matters: The nearly 140-year-old company — known for staples like canned vegetables and fruit cups — has faced mounting pressures from changing consumer habits, supply chain volatility and rising costs. The company said it has secured support from key creditors for a plan to sell its key assets and stay in business. Zoom in: Del Monte has been suffering from excessive debt, a downturn in consumer demand, increased discounting, a declining private label business and higher costs from inflation, according to a court filing. The company, like other consumer packaged goods brands, has "experienced changing consumer purchase behavior and increased inflationary costs," chief restructuring officer Jonathan Goulding said in a court filing. Context: Founded in 1886 in California, Del Monte eventually became one of the nation's leading packaged fruit sellers. Today, Del Monte has about 2,780 employees and four factories, with two in the U.S. and two in Mexico. The company's brands include its namesake lineup of canned fruit as well as Contadina, College Inn and Joyba. It also sells under private labels, but that business has been shrinking. The company, which is not affiliated with Fresh Del Monte Produce, said in a statement that non-U.S. subsidiaries are not included in the Chapter 11 proceedings. Threat level: The company racked up extra debt in 2023 as it anticipated higher volume — but sales instead fell in the next fiscal year, leaving it with "outsized production commitments," greater costs and higher promotional spending, according to Goulding. The company said it recently closed certain production facilities to reduce its cost structure. But its annual interest expenses exceed projected earnings, leaving it with "historically low liquidity," Goulding said.
Los Angeles Times
02-07-2025
- Business
- Los Angeles Times
Canned-food producer Del Monte Foods files for bankruptcy
California canned fruit company Del Monte Foods filed for bankruptcy, less than a year after executing a controversial debt restructuring. The Walnut Creek Calif., company entered into a lender-backed restructuring support agreement that calls for the food producer to sell its assets in bankruptcy court. Del Monte has lined up financing to fund its Chapter 11 case, giving the firm $165 million in fresh cash in exchange for added protection for hundreds of millions of dollars in existing debt. The company sought court protection in New Jersey, saying its carrying roughly $1.245 billion in secured debt. Del Monte blamed its Chapter 11 filing on multiple factors, including a costly buildup of excess inventory resulting from elevated demand during the Covid-19 pandemic and significant debt that's become more expensive as a result of rising interest rates. The bankruptcy filing is the latest turn in a challenging year for the borrower that saw its parent company Del Monte Pacific Ltd. in June elect to skip a payment to the unit's lenders as part of a lawsuit settlement tied to its restructuring last year. Del Monte in a Tuesday court filing said it has carried substantial debt since it was acquired by DMPL from a group of funds led by KKR. The acquisition by DMPL, which is publicly listed on the Singapore Stock Exchange, was funded by debt that was put on Del Monte's balance sheet, the company's Chief Restructuring Officer Jonathan Goulding said in the court filing. The firm's cash interest expense increased from $66 million in 2020 to $125 million in the 2025 fiscal year, Goulding said. The interest expense 'materially exceeds' Del Monte's current projected earnings before interest, taxes, depreciation and amortization and constrained its liquidity, he said. Del Monte Foods in its statement said the restructuring support agreement contemplates the company undertaking a going-concern sale process for all or substantially all of its assets. Financing along with cash from ongoing operations is expected to provide sufficient liquidity during the sale process and fund ongoing operations, as it intends to keep serving customers, according to the statement. The company executed a debt overhaul last year, which became the subject of a lawsuit by left-behind lenders, who said Del Monte Foods defaulted on a $725 million financing agreement when it shifted the assets away from the reach of lenders. The strategy — known in industry parlance as a drop-down transaction — allowed Del Monte Foods to raise fresh liquidity by borrowing against the transferred assets. The deal also prioritized participating lenders via debt swaps and created different payment priorities, Bloomberg reported. Basu , Phakdeetham and Randles write for Bloomberg.
